Question

Beginning inventory, purchases, and sales data for DVD players are as follows: november 1

Beginning inventory, purchases, and sales data for DVD players are as follows: Inventory 120 units at $39 November 1 90 units 10 Sale 140 units at $40 15 Purchase 110 units 20 Sale Sale 45 units 24 30 Purchase 160 units at $43 The business maintains a perpetual inventory system, costing by the first-in, first-out method. a. Determine the cost of goods sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 3. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Goods Sold Unit Cost column and in the Inventory Unit Cost column.

Answer 1

Required: A Perpetual FIFO Goods Purchsed Cost of Goods sold Ending Inventory Date units Unit Cost Total Cost units Unit Cost Total Cost units Unit Cost Total Cost | Nov-01 120 39 4680 Nov-10 90 391 3510 30 39 1170 Nov-15 140 40 5600 30 39 1170 140 40 5600 Nov-20 30 39 1170 60 40 24001 80 40 3200 Nov-24 45 40 1800 15 40 600 Nov-30 160 43 6880 15 40 600 160 43 6880 Nov-30 Balances 9680 7480 Required: B Higher